Gypsum Plaster Market: Introduction
The global gypsum plaster market was valued at ~US$ 400 Mn in 2019 and is anticipated to expand at a CAGR of 3.5%, in terms of volume, from 2024 to 2030. Gypsum plaster possesses distinctive characteristics including high strength, crack resistance, water saving, ease of application, and lightweight. These play a vital role in driving the demand for gypsum plaster in the building & construction sector. Gypsum plaster is primarily used to protect walls and ceilings, and enhance the value of rooms in interiors of residential buildings, offices, hotels, hospitals, and educational institutes.
Asia Pacific accounted for a major share of the global gypsum plaster market in 2019. The rise in the number of residential as well as non-residential construction activities, owing to increased urbanization across the region is expected to boost the consumption of gypsum plaster in the near future. In terms of demand, China held dominant share of the market in the region in 2019. The gypsum plaster market in China is expected to expand at a CAGR of ~4% (in terms of value) during the forecast period.
Major Drivers of Gypsum Plaster Market
According to the World Bank, the global urban population is expected to surpass the 6 billion mark, accounting for more than 65% of the total world population, by 2050. This depicts an increase of more than 10% share in urban population in the total population to that in 2018. Rapid expansion of population, rising government spending on infrastructure development, and increase in demand for space have fueled the global building & construction sector.
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The advancement in construction methods to improve productivity and infrastructure sustainability, and maintainability of structures have also positively impacted the global building & construction sector. Gypsum plaster offers excellent glossy finish to plastered surfaces. Therefore, it can create a smooth undulation-free surface when applied over exterior or interior walls of a home. Furthermore, it exhibits excellent adhesion strength, good workability, and decreased dead load of the surface. These characteristics of gypsum plaster are likely to drive its demand across the globe in the near future.
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The spread of the coronavirus pandemic across the globe is expected to hamper the construction sector. Furthermore, imposition of nationwide lockdowns has led to closure of construction sites. This is hindering consumption of gypsum plaster globally.
North America Dominates Gypsum Plaster Market
In terms of revenue and volume, Asia Pacific led the global gypsum plaster market in 2019. The expansion of the building & construction sector and presence of regional manufacturing facilities for gypsum plaster in the region are expected to boost consumption of gypsum plaster in the near future. This, along with a shift in urbanization from rural areas to urban areas, is fueling the demand for new residential constructions in countries, including China and India. Gypsum plaster is employed in the construction sector due to its high strength and crack resistance. This is estimated to drive the demand for gypsum plaster in these countries in the near future.
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Europe is among the key producer of gypsum plaster, with the presence of global leaders such as Saint-Gobain S.A. In addition, Europe has 154 quarries and 160 factories (plaster powder plants and plasterboard plants). Furthermore, growth in the number of building permits is expected to drive the building & construction sector in countries such as Germany in the region. This is projected to boost the demand for gypsum plaster in Europe. Majority of large-scale manufacturers in Europe possess diverse distribution channels for the supply of gypsum plaster.
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Prominent Players in Global Market
Key players operating in the global gypsum plaster market are Saint-Gobain S.A., Knauf Gips KG, Global Gypsum Company Ltd., Escayescos, SL, USG Corporation, James Hardie Industries plc., Georgia-Pacific Gypsum II LLC, YOSHINO GYPSUM CO.,LTD., VG-ORTH GmbH & Co. KG, La Maruxiña, Winstone Wallboards Ltd., N.K.V. Gypsum Plaster Company Limited, and Sam Gypsum Private Limited
